NetApp Q2 Earnings Top Views

reported stronger-than-expected results for its fiscal second quarter on Wednesday. The Sunnyvale, California-based company posted quarterly net income of $114 million, or $0.39 per share, compared to $160 million, or $0.49 per share, in the year-ago period. Excluding items, the company's adjusted earnings slipped to $0.61 per share from $0.70 per share. Its revenue slipped to $1.45 billion from $1.54 billion. However, analysts were expecting earnings of $0.57 per share on revenue of $1.43 billion. The average estimate among 37 Estimize users was for earnings of $0.56 per share and revenue of $1.43 billion. The company ended the quarter with $4.8 billion in total cash, cash equivalents and investments. "Our Q2 results reflect the progress we are making to pivot NetApp for long-term growth in the data powered digital era. We are moving forward with clarity and speed to better address the changing industry and improve our own execution," said George Kurian, CEO. "Customer wins and partner feedback drive my strong conviction that our industry leading portfolio and differentiated Data Fabric strategy will expand our opportunity and drive long-term growth." NetApp expects Q3 adjusted earnings of $0.66 to $0.71 per share, on revenue of $1.40 billion to $1.50 billion. Analysts projected earnings of $0.70 per share on revenue of $1.48 billion. NetApp shares rose 0.52 percent to $31.20 in the after-hours trading session.